BTC UPDATE - FALLING WEDGE

After forming bearish diamond pattern ( blue lines) and price breaking down which we shorted - it seems in the lower time frame BTC has formed a Falling wedge ( yellow lines) which is a bullish sign with a technical target of 45,900.

Their is another confluence forming for this bullish structure - a three tap setup (circled in red) first tap was the low formed, second tap swept the lows and now possible retest of the lows

Startegy for next move:

Take profits on short at 46000 and open a long at 45900
With target of taking profit at 49000 and reshorting again as the lows has still not been swept and in coming days or few weeks we will see a sweep of the lows of 40,500 before we see 50k+

Trade active:

still think btc has not yet bottomed - with BTC.D at crucial support their is a big chance it will pump up with btc price going up as it went back into the falling wedge and is going to test its support trend line. I closed my short and took profits and opened a long last night waiting for the pump.

Their is a clear invalidation if price is accepted below 45620 which is where my stop loss is for the long and i will open a short again.

This seems also in line with a bull trap in altcoins fomo will kick in and thn btc will dump

I will close my long ideally at 49000 but their are big sell walls at 47200 and 48000 which is what i will monitor and close manually an reopen my short with compounded profits of short and long

Comment:

Closed and took profits

Trade closed manually